Blue Dart Express (BDE)’s revenues grew 7% YoY to INR14.2b (6% below our estimate). The company handled 0.33m tons of cargo volumes(+11% YoY) in 4QFY25.

Blue Dart Express Ltd. is trading below all available SMAs

Blue Dart Express Ltd.

22 Apr 2025

5387.50

-0.10%

Drop in ATF price and price hikes to support margins

Buy: Blue Dart Express Ltd.

Target

Motilal Oswal

Air express logistics companies benefit significantly from a reduction in the prices of aviation turbine fuel (ATF) as ATF costs account for 35-45% of their total operating costs. ATF price declined 6% MoM (-12% YoY) in Apr’25 to INR83,575/kl.

Blue Dart Express Ltd. is trading below all available SMAs

Blue Dart Express Ltd.

31 Jan 2025

5387.50

-0.10%

In-line performance; focus on expanding surface infrastructure

Buy: Blue Dart Express Ltd.

Target

Motilal Oswal

Blue Dart Express (BDE)’s revenue grew 9% YoY to INR15.1b, in line with our estimate. The company handled 0.34m tons of cargo volumes (+12% YoY) in 3QFY25. The realization dipped 2% YoY to INR42.1/kg. It carried 96.6m shipments in 3Q.

Blue Dart Express Ltd. has an average target of 7615.00 from 2 brokers.

Blue Dart Express Ltd.

10 Oct 2024

5387.50

-0.10%

Price hikes to support margins

Buy: Blue Dart Express Ltd.

Target

Motilal Oswal

Blue Dart Express Ltd. (BDE) has announced price hikes ranging from 9% to 12%, effective Jan’25.

Blue Dart Express Ltd. is trading below all available SMAs

Blue Dart Express Ltd.

27 Aug 2024

5387.50

-0.10%

Improved utilization of new aircraft to boost margins; capex underway in surface express

Buy: Blue Dart Express Ltd.

Motilal Oswal

After slow growth in FY24 and 1QFY25, demand is expected to pick up for the express logistics segment. Long-term growth is expected to be primarily driven by increasing urbanization, rising consumer demand.

Blue Dart Express Ltd. is trading below all available SMAs

Blue Dart Express Ltd.

24 Jul 2024

5387.50

-0.10%

Subdued margins; upside capped

Hold: Blue Dart Express Ltd.

Target

ICICI Securities Limited

Blue Dart Express’ (BDE) Q1FY25 performance undershot our estimates. Key points: 1) EBITDA margin was down 35bps (202bps QoQ) at 15.4%; 2) tonnage growth of 10% YoY and shipments growth of 7.3% YoY.